I received an email a few days back and I feel bad that I have not been able to get back to this guy because I've been soooo busy. I really don't understand what he's trying to do. It almost sounds like he wants to just refinance the house in his name and do like a short-sale or something. I am learning a lot with you guys and I greatly appreciate your help, but could someone help out this total RE noob.
Here's the email:
I currently live in a home that I paid the down payment on and pay the mortgage; however, it is financed in a family members name due to my poor credit. The property is off of Kuykendahl and 2920 on the border of Spring and Tomball. It is appraised lower this year at $113K. I want to refinance a balance of $40K and I am open to a balloon payment or a more standard term. My current mortgage is a 15 year 6.5% at $1009 piti.
If you have any contacts with investors who might be interested please let me know. The property is no in foreclosure and has no urgent refinance requirements, I am simply interested in moving this from my relative to free up their credit for a purchase of a new home for them.